First Banks Inc., the Clayton-based holding company of First Bank, reported its fourth-quarter profit dropped to $5 million, down from $219.7 million in the last quarter of 2013, when it had an income tax benefit of $288.2 million.
The bank holding company registered net interest income of $36.8 million in the recent quarter, similar to what it registered for the fourth quarter of 2013. First Banks also posted a negative provision for loan losses of $2 million in the recent quarter and $5 million in the prior-year quarter.
First Banks wrapped up 2014 with a net income of $21.7 million compared with a profit of $241.9 million in 2013. President and CEO Terrance McCarthy said loan growth is expected to improve earnings in 2015.